Eurostat: Greece 2nd-last in GDP per Capita

Greece ranks second-last in terms of GDP per capita in the EU for 2022, 33% below the European average, according to Eurostat. This places Greece behind only Bulgaria (38% below the EU average) and Slovakia (29% below).

The data does not take into account the “grey market” (undeclared income) in Greece which is estimated to be equivalent to some 25% of GDP in the country, according to the IMF.

The Actual Individual Consumption (AIC) in Greece, Eurostat data showed, also fell below the European average in the same year, with the country in the 25th position in the European ranking, alongside Estonia, with a rate 22% below the EU average.

The latest data, released by Eurostat on Thursday, highlights how Greece lags behind European averages in crucial indicators reflecting social well-being, despite official declarations and statistics emphasizing growth and increased investment.

Highest GDP per Capita in 2022

In 2022, Luxembourg and Ireland maintained the highest GDP per capita expressed in Purchasing Power Standards in the EU, at 156% and 135%, respectively, surpassing the EU average.

The figures reveal significant disparities among EU countries concerning GDP per capita, a metric used to measure economic activity. Following Luxembourg and Ireland, Denmark (36% above the EU average), the Netherlands (30% above), Austria (24% above), and Belgium (20% above) top the list with GDP per capita more than 20% above the European average.

Actual Individual Consumption

Actual Individual Consumption (AIC) is considered a measure of material well-being and encompasses all goods and services consumed by households. It includes both consumer goods and services purchased directly by households and services provided by non-profit institutions and the government for individual consumption (e.g., health and education services). In international comparisons, AIC is generally preferred over the narrower concept of household consumption, as the latter is influenced by the extent to which non-profit institutions and the general government act as service providers.

The lowest levels of GDP per capita were registered in Bulgaria (31% below the EU average), Hungary (29% below), Croatia and Latvia (both 24% below), and Slovakia (23% below).

Over the last three years, actual individual consumption relative to the EU average has changed in the majority of EU countries. Between 2020 and 2022, it increased in 18 EU countries, notably in Bulgaria (69% of the EU average in 2022 compared to 60% in 2020), Croatia (76% versus 69%), Romania (86% versus 81%), and Ireland (94% versus 89%).